NFT and IP company Igloo, Inc. said it will shut down the consumer-focused blockchain Abstract and redirect staff and resources to Pudgy Penguins, Pudgy NFT, and the PENGU token. According to ChainCatcher, the company said Abstract was built as a consumer blockchain but was constrained by high operating costs, limited liquidity, a weak DeFi ecosystem, and declining market interest.

Igloo said it had spent engineering, ecosystem, and infrastructure resources on Abstract, but the project lost tens of millions of dollars over the past two years as the company tried to keep it running, expand it, and find product-market fit and a path to profitability. The company said closing Abstract was the right decision after even better-capitalized firms struggled to find product-market fit for their own blockchains.

Igloo said it will now focus on strengthening the brand path from products and content to PENGU and then to Pudgy Penguins NFTs.